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Starting a business without a plan is like setting sail without a compass. While you might eventually reach your destination, the journey will likely be longer and more challenging. A well-constructed business plan is essential for guiding your business towards success.  Here’s why: It Clarifies Your Vision A business plan helps you articulate the vision for your enterprise. It forces you to think through every aspect of your business, including…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Renters under pressure: When will the fever break in the hot rental market? Ask the average renter and they can tell you: Canadian rents have soared in recent years. The latest data from Rentals.ca and Urbanation shows the average asking rent for all property types in May rose above $2,200 for the first…  Read more

As a business owner, you’ll need to stay informed about your finances and your financial situation. You do this through bookkeeping. Bookkeeping is the process of recording transactions in your business. This includes any transactions, credit card charges and any other financial activity that happens within your company. How good bookkeeping helps you Bookkeeping is vital for any business. First, it helps you understand your finances. Bookkeeping gives you insights…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canada’s GDP grew 0.3% in April, with rebound in some sectors Canada’s economy grew 0.3 per cent in April, helped by strength in several industries, including wholesale trade, oil and gas extraction and manufacturing, Statistics Canada said. The data matched expectations as analysts polled by Reuters had forecast 0.3…  Read more

From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected?  Would your staff know what to do? Would you be able to keep trading? Having a contingency plan is not just a precaution; it’s a necessity. Small businesses need to be prepared for a range of scenarios. Without a solid contingency plan, your business could face significant setbacks or…  Read more

Leadership styles significantly impact team dynamics, productivity, and overall business success. While a passive leadership style may seem non-confrontational and agreeable, it often leads to unresolved issues, lack of direction, and decreased morale. Transforming from a passive to an assertive leadership style can be a game-changer for your business. Understanding Passive vs. Assertive Leadership Passive leaders usually: Avoid conflict at all costs Hesitate to express opinions or make decisions Allow…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why the Bank of Canada will wait until September for its next cut Dawn Desjardins, chief economist at Deloitte Canada, talks with Financial Post’s Larysa Harapyn about how the Bank of Canada‘s interest-rate cuts may unfold and how the Canadian economy and housing market will perform this year and next. Canada’s GDP grew 0.3% in April,…  Read more

These days, it’s easy for a business to expand into international markets. For Canadians, one of the biggest–and easiest–foreign markets to work in is the US. It’s made easy because the cultures and languages are alike, there’s a close proximity, and the laws are similar enough that businesses feel comfortable operating between the two countries. That said, there are still complexities to Canadian businesses operating in the US. The US…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canada’s economy ‘set to turn a corner’ Canada’s economy appears to be positioned for a rebound after experiencing weakness last year, but consumer spending is expected to be impacted by higher borrowing costs, tighter immigration policy and a softer labour market, according to a report. Trying to time the…  Read more

As a small business owner, you know the importance of getting the word out about your company and engaging with customers. Social media platforms are indispensable tools for achieving this.  The following is a guide to help you leverage social media to increase your brand’s awareness, engage with customers, and generate leads. Step 1: Define Your Goals Before diving into the world of social media, it’s crucial to identify your…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Bank of Canada has clear path to 3% interest rate The head of one of Canada’s biggest asset managers says “the conditions are right” for the Bank of Canada to cut its policy interest rate to around three per cent by the end of next year. Business Expectations Index signals budding…  Read more

When starting a business, you often wear all the hats – CEO, salesperson, marketer, and even janitor. But as your business grows, you’ll eventually hit a wall. There’s only so much you can do on your own. That’s when you might need to consider hiring your first employee. Hiring someone brings many benefits. It can double your workforce, free up your time to focus on the business, and introduce new…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Can a single rate cut make waves in Canada’s housing market? What to know The Bank of Canada’s first interest rate cut in over four years on Wednesday will have a “psychological” impact on the Canadian housing market, but will likely not be enough to meaningfully improve affordability, experts say. Missed applying…  Read more

In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues…  Read more

Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base financial model incorporating your current financial data.…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economists to have a close eye on April inflation report as BoC rate decision nears Forecasters expect this week’s inflation report to show Canada’s inflation rate fell last month, but financial markets are still unsure whether a June interest rate cut is in the cards for the Bank of…  Read more

The power of a well-crafted email signature is often underestimated by professionals and businesses alike. Your email signature is essentially your calling card: it’s where you can share information about yourself and your company, like your website and social media profile links.  It can also include the company logo and highlight current promotions or links to products you want to boost sales of. Here are 4 tips for creating your…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economic snapshot – Canada – slow growth, but a glimmer of optimism Canada’s soft domestic performance and elevated inflation continue to slow advances. After having the slowest post-pandemic growth of just 1.1.% last year, the country faces another year of below-average growth, caused by indebted households, cautious consumers and…  Read more

Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, the current ratio measures your business’s ability to pay off its short-term obligations…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Tiff Macklem defends Bank of Canada’s two per cent inflation target Bank of Canada Governor Tiff Macklem defended the central bank’s two per cent inflation target as the key benchmark for setting interest rates on Wednesday under questioning from Canadian senators on the standing committee on banking, commerce and the economy in Ottawa. Provincial…  Read more